Transamerica Suspends Fees for Those Impacted by California Wildfires

These fee waivers will remain in place until further notice, Transamerica stated
California wildfires
Image Credit: © Hanna Tverdokhlib | Dreamstime.com

Transamerica announced on Thursday that it would waive certain retirement plan transaction fees for participants affected by the wildfires in Southern California.

In a statement, the firm said it will suspend fees for participants who take out a Qualified Disaster Recovery Distribution, along with other disaster relief programs, within the zip codes of disaster zones identified by the Federal Emergency Management Agency (FEMA).

Transamerica will also waive fees for checks sent by overnight delivery, along with any distributions made through ACH.

“It is heartbreaking to see the profound impact these wildfires have had on so many lives. Transamerica is committed to being a force for good during times of crisis by providing the flexibility and assistance customers need to access their financial resources,” said Luke Stroh, head of Retirement Operations at Transamerica. “By waiving these fees, we hope to alleviate some of the financial burden on those directly affected as they work to rebuild their lives.”

These fee waivers will remain in place until further notice, Transamerica added.

Participants who qualify for the distribution program can withdraw up to $22,000 per disaster from their retirement plan without incurring mandatory tax withholdings or early withdrawal penalties. Participants may request the distribution within 180 days of either the first date of the event or the first day when FEMA declares a disaster.

Transamerica is the second retirement services organization to announce a suspension of distribution fees. Earlier this month, Empower said it would temporarily waive distribution and mailing fees for those who reside in the wildfire disaster zone as identified by FEMA.  

“It has been a very tough time for California residents living in harm’s way as wildfires ravage parts of Los Angeles County, and we want to do what we can to assist those who need our help,” said Edmund F. Murphy III, president and chief executive officer at Empower. “Empower was built to serve our customers, and in times like these there’s not enough we can do to help those who count on us.”

SEE ALSO:

IRS Extends Tax Deadlines, Provides Relief for Texas Storm Victims

IRS Extends Tax Filing Deadline for Hawaii Wildfire Victims

Bill Blocks 401(k) Withdrawal Penalties After Natural Disasters

Amanda Umpierrez
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.

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